Newmont Co. (NYSE:NEM) Receives $54.85 Average Price Target from Analysts

Newmont Co. (NYSE:NEM) has been given an average recommendation of “Moderate Buy” by the seventeen brokerages that are covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $53.85.

Several analysts recently commented on NEM shares. Jefferies Financial Group raised their target price on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday. BMO Capital Markets raised their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada dropped their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hoese & Co LLP purchased a new position in Newmont in the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Newmont during the third quarter worth $32,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the second quarter worth $27,000. LRI Investments LLC acquired a new position in Newmont in the first quarter valued at $25,000. Finally, Northwest Investment Counselors LLC acquired a new position in Newmont in the third quarter valued at $48,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Trading Down 3.2 %

Shares of NYSE:NEM opened at $45.45 on Tuesday. The business’s 50-day moving average is $53.04 and its 200 day moving average is $47.05. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The firm has a market capitalization of $51.74 billion, a P/E ratio of -29.90, a P/E/G ratio of 0.40 and a beta of 0.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share. On average, research analysts predict that Newmont will post 3.13 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is currently -65.79%.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.